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Highlights
- - Australian sharemarket set to open higher following gains in US tech stocks.
- - Key performers in US markets include Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA).
- - RBA minutes expected to provide insights into upcoming interest rate decisions.
The Australian sharemarket is expected to open on a strong note today, supported by gains in US technology stocks overnight. This development comes after Wall Street's leading tech players lifted the Nasdaq higher, even as broader indices displayed mixed trends.
US Tech Gains Drive Optimism
Overnight, US tech stocks showcased resilience amid a generally subdued session. Prominent performers included Nvidia (NASDAQ:NVDA), which gained over three percent, and Tesla (NASDAQ:TSLA), closing more than two percent higher. The surge in these major tech names helped the Nasdaq climb close to one percent, while the S&P 500 gained slightly more than half a percent. The Dow Jones Industrial Average posted a modest increase.
The tech-heavy "Magnificent Seven" led the charge, signaling continued interest in the sector despite concerns around broader market breadth.
European Markets and Commodity Trends
European markets presented a mixed picture, with the FTSE 100 rising slightly while France’s CAC 40 and Germany’s DAX posted minor declines. Meanwhile, commodity prices reflected varied movement. Spot gold edged lower, while oil prices saw modest gains, with Brent crude and US WTI both registering slight increases.
The Australian dollar traded lower against the US dollar, while Bitcoin also slipped during the latest session.
ASX Futures and Market Focus
ASX futures indicated an uptick of close to half a percent early this morning, suggesting a stronger start for the local market. However, trading activity is expected to remain light, as the market will close earlier than usual today at 2:10 PM AEDT for Christmas Eve.
Focus on RBA Minutes
The Reserve Bank of Australia (RBA) is scheduled to release the minutes of its December meeting later this morning. These minutes are anticipated to provide valuable insights into the central bank's perspective on economic conditions and potential interest rate moves for 2025. Investors and market participants will closely monitor the report for indications on monetary policy direction in the coming year.
This blend of positive cues from international markets and local data updates positions the ASX for a potentially mixed but optimistic session ahead.
